If the price of "X" increases and you buy more "Y," then
A. "X" and "Y" are complements, and the price of "Y" will increase.
B. "X" and "Y" are substitutes, and the price of "Y" will increase.
C. "X" and "Y" are substitutes, and the price of "Y" will decrease.
D. "X" and "Y" are complements, and the price of "Y" will decrease.
Answer: B
You might also like to view...
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones devote all of their resources to producing computers, then the maximum number of computers they can produce in an hour is:
A. 10. B. 16. C. 6. D. 120.
The government deficit is equal to
A) new money created minus new borrowing from the public. B) new borrowing from the public plus new money created. C) new borrowing from the public divided by new money created. D) new borrowing from the public minus new money created.
The size of the deadweight loss generated from a tax is affected by the
a. elasticities of both supply and demand. b. elasticity of demand only. c. elasticity of supply only. d. total revenue collected by the government.
Use the figure below to answer the following question. 
At equilibrium, economic surplus is represented by the area
A. b + c. B. b. C. a. D. a + b.